Bitcoin Price Slumps on High Interest Rate Fears and Heavy Liquidations

Bitcoin's price took a hit yesterday after Federal Reserve Chair Kevin Warsh delivered his speech at Jackson Hole, sparking concerns about extended periods of high interest rates. The cryptocurrency dropped by 1.91% to $77,656.37 in the past 24 hours.

The decline was further exacerbated by significant Bitcoin liquidations totaling $141.57 million, with a substantial portion, $120.07 million, attributed to long positions being closed out.

Bitcoin's immediate support level now stands at $75,000-$76,000. If the price manages to hold within this range, it may facilitate some consolidation. However, if it breaks below this threshold, further downward momentum could be unleashed.